The U.S. dollar stayed weak against most of its peers on Wednesday after the latest batch of inflation data suggested the Fed would stay patient with regard to interest rates.

Data released by the Labor Department today showed a modest increase in producer prices in the month of February. The report said the producer price index for final demand inched up by 0.1% in February after edging down by 0.1% in January. Economists had expected prices to rise by 0.2%.

Excluding food and energy prices, core producer prices also ticked up by 0.1% in February after climbing by 0.3% in the previous months. Core prices were also expected to increase by 0.2%.

The report also said the annual rate of consumer price growth slowed to 1.5% in February from 1.6% in November, while the annual rate of core consumer price growth edged down to 2.1% from 2.2%.

"The rebound in underlying capital goods orders in January stands out as a positive amid the recent flood of downbeat activity data, but it is still consistent with a gradual slowdown in business equipment investment growth in the first quarter," said Michael Pearce, Senior U.S. Economist at Capital Economics.

He added, "And with the February producer price figures showing that pipeline inflationary pressures remain subdued, there is still a strong case for the Fed to remain patient."

The dollar traded weak against the Euro, and was last seen hovering around 1.1335, down by about 0.4% from previous close, after having edged up to $1.278 earlier in the day.

The Japanese Yen edged up against the greenback, strengthening to 111.15, after having dropped to 111.46 earlier.

The British Pound Sterling is up more than 1.6%, with a unit fetching $1.3283.

British lawmakers have just now voted against a no-deal Brexit. Following this, there will be a vote on Thursday to see if the divorce process could be delayed beyond the March 29 deadline.

According to reports, lawmakers voted 321 votes to 278, backing an amended version of Prime Minister Theresa May's motion on Wednesday that "rejects the United Kingdom leaving the European Union without a Withdrawal Agreement."

In the absence of a deal, Britain will move out of the European Union on March 29.

Against Swiss Franc, the U.S. dollar is notably lower, with the pair losing about 0.5%.

The Canadian loonie gained more than 0.4% against the greenback, as the latter fell to its lowest level against the Canadian currency since last Wednesday.